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March 24, 2007

MyMint.com - Simple Personal Finance

I discovered this company through an email sent by my friend Shaun at Stanford (if you're interested, they're having their Rainmakers Conference on April 12th!).  This is something I have playing with in my head and on paper for the last half-year, and it looks like the people at mymint.com beat me to it.  From reading the little bit they have on their blog, I have high hopes for this company (*note* the site is not open to the public yet).

MyMint.com is working on creating a free, simple personal finance web service to help people better manage their finances.  The market need they are filling is very real and might be crucial to helping some people get out of debt.  Instead of trying to figure out what you've spent your money on through statements and receipts, their service will pull all of the data from your various accounts and put it in a more digestable format, such as graphs and charts (and no, I have not seen it yet, just something I read on the blog).  Wouldn't it be more fun to readily see what your money was going to?

The company not only is working with a great concept, but their founder also created a convenient algorithm that will "categorize financial transactions with amazing precision (often 95%+ accuracy), just given a text description."  Talk about making our lives a lot easier. :-)

As a last little bit, I would highly suggest everyone check out this blog entry at their site.  If you know very little or nothing about credit reports, it explains why they matter so much and how they work.  This is something that we cover in the financial literacy program at HBSA, because people need to understand how their financial decisions affect their credit.


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